The 25 best US tourist destinations to buy rental property in right now
- GOBankingRates just released its 2019 list of the best places to buy rental property in "touristy" towns and cities across America.
- To determine which areas were the best, the site analyzed the annual rental revenue and average daily rental rate (collected from short-term vacation rental data and analytics provider AirDNA) across 50 cities and destinations pulled from US News & World Report's Best USA Vacation rankings.
- The annual rental revenue reflects the total nightly rate and cleaning fees earned over the past year, but excludes taxes, guest fees, and service fees.
- The average daily rental rate includes the average nightly rate and cleaning fees over the past year.
- Visit Business Insider's homepage for more stories.
From a night out under the gleaming lights of New York City to long weekends at Disneyland, America's most heavily touristed places rarely see an off-season.
On Friday, GoBankingRates released its 2019 ranking of the country's most in-demand touristy destinations that are great for owning rental property. These busy markets can create a stream of steady passive income for owners, and investment properties can also serve as great winter or summer homes on the side.
And, as the ranking notes, with booking platforms like Airbnb shaking up the home rental market, there has never been an easier time to rent out property to vacationers and cash in on the booming travel industry.
Ranging from the rugged mountain ranges of northern California to tropical islands off the coast of southern Florida, here are the 25 best tourist destinations across the US for rental property investments.
Note: All annual rental revenue and rental rate figures are sourced from short-term vacation rental data and analytics provider AirDNA via GoBankingRates' methodology. Each area's (or surrounding county's) median price of homes currently listed for sale is sourced from Zillow.
25. Adirondack, New York
Annual Rental Revenue: $3,099
Average Daily Rental Rate: $228
The Median Price of Homes Currently Listed in Warren County: $269,250
24. San Diego, California
Annual Rental Revenue: $3,375
Average Daily Rental Rate: $211
The Median Price of Homes Currently Listed in San Diego: $699,000
23. Gatlinburg, Tennessee
Annual Rental Revenue: $3,700
Average Daily Rental Rate: $215
The Median Price of Homes Currently Listed in Gatlinburg, Tennessee: $289,999
22. Charleston, South Carolina
Annual Rental Revenue: $3,365
Average Daily Rental Rate: $236
The Median Price of Homes Currently Listed in Charleston, South Carolina: $379,900
21. Sanibel Island, Florida
Annual Rental Revenue: $3,740
Average Daily Rental Rate: $250
The Median Price of Homes Currently Listed in Sanibel: $799,000
20. San Francisco, California
Annual Rental Revenue: $3,958
Average Daily Rental Rate: $238
The Median Price of Homes Currently Listed in San Francisco, California: $1,295,000
19. Boston, Massachusetts
Annual Rental Revenue: $4,204
Average Daily Rental Rate: $240
The Median Price of Homes Currently Listed in Boston, Massachusetts: $749,000
18. Bryce, Utah
Annual Rental Revenue: $4,458
Average Daily Rental Rate: $227
The Median Price of Homes Currently Listed in Garfield County: $255,000
17. Bar Harbor, Maine
Annual Rental Revenue: $4,450
Average Daily Rental Rate: $248
The Median Price of Homes Currently Listed in Hancock County: $349,000
16. West Yellowstone, Montana
Annual Rental Revenue: $3,981
Average Daily Rental Rate: $289
The Median Home Value in West Yellowstone, Montana: $384,800*
*Median price of currently listed homes was not available.
15. Steamboat Springs, Colorado
Annual Rental Revenue: $3,315
Average Daily Rental Rate: $339
The Median Price of Homes Currently Listed in Steamboat Springs, Colorado: $745,000
14. Anaheim, California
Annual Rental Revenue: $4,710
Average Daily Rental Rate: $263
The Median Price of Homes Currently Listed in Anaheim, California: $615,000
13. Rodanthe, North Carolina
Annual Rental Revenue: $4,331
Average Daily Rental Rate: $287
The Median Price of Homes Currently Listed in Rodanthe, North Carolina: $499,000
12. Destin, Florida
Annual Rental Revenue: $4,437
Average Daily Rental Rate: $282
The Median Price of Homes Currently Listed in Destin, Florida: $574,950
11. South Lake Tahoe, California
Annual Rental Revenue: $3,856
Average Daily Rental Rate: $349
The Median Price of Homes Currently Listed in South Lake Tahoe, California: $499,000
10. Springdale, Utah
Annual Rental Revenue: $4,950
Average Daily Rental Rate: $322
The Median Price of Homes Currently Listed in Washington County:$389,900
9. Newport, Rhode Island
Annual Rental Revenue: $4,334
Average Daily Rental Rate: $369
The Median Price of Homes Currently Listed in Newport, Rhode Island: $595,000
8. Key West, Florida
Annual Rental Revenue: $5,276
Average Daily Rental Rate: $321
The Median Price of Homes Currently Listed in Key West, Florida: $799,000
7. Jackson, Wyoming
Annual Rental Revenue: $5,086
Average Daily Rental Rate: $428
The Median Price of Homes Currently Listed in Teton County: $1,750,000
6. West Glacier, Montana
Annual Rental Revenue: $6,301
Average Daily Rental Rate: $359
The Median Price of Homes Currently Listed in Flathead County: $419,000
5. Yosemite, California
Annual Rental Revenue: $6,275
Average Daily Rental Rate: $427
The Median Price of Homes Currently Listed in Mariposa County: $335,000
4. Sonoma, California
Annual Rental Revenue: $5,817
Average Daily Rental Rate: $456
The Median Home Value in Sonoma, California: $743,100
*Median price of currently listed homes was not available.
3. Telluride, Colorado
Annual Rental Revenue: $5,600
Average Daily Rental Rate: $514
The Median Home Value in Telluride, Colorado: $886,400
*Median price of currently listed homes was not available.
2. Aspen, Colorado
Annual Rental Revenue: $6,300
Average Daily Rental Rate: $625
The Median Home Value in Aspen, Colorado: $1,689,500
*Median price of currently listed homes was not available.
1. Big Sur, California
Annual Rental Revenue: $12,650
Average Daily Rental Rate: $756
The Median Price of Homes Currently Listed in Monterey County: $892,000